Despite the decline in oil prices and neutral report by the USDA vegetable oil continue to rise in price
In the March report, the experts USDA raised its forecast for world production of oilseeds 0.75 million tonnes to 596 million tons (due to the increase of the soybean crop in Brazil and canola in Australia), and their processing by 1.21 million tonnes to 514 million tonnes, resulting in the production of oil cake and meal will increase by 1.15 million tonnes At the same time, the forecast of production of vegetable oils reduced by 200 thousand tons to 209,38 million tons (compared to 207,33 million tonnes in 2019/20 MG) due to the reduction of the production of palm oil.
If prices for soybeans, canola meal, and the publication of the report responded to decrease, the vegetable oil has continued to rise and reached a maximum for the last 8-12 years levels, and their growth is not stopped even with the decline in oil prices.
the April futures for palm oil on the stock exchange in Malaysia for the week was up 8%,including yesterday and 1.5% to a 12-year high 3974 ringgit/t or 963,4 $/t to the data lower than expected production volumes and reserves of oil in the country in February, as well as on forecasts of increase in exports in February, although in January exports were higher than expected by traders.
On the stock exchange in Chicago yesterday the may soybean futures fell 2% to 515,3 $/t, soybean meal by 2.3% to 447,1 $/ton, while soybean oil rose 0.2 percent to 1,172 $/t
On the stock exchange in Dalian futures palm oil rose 0.3% to 1198 $/ton, and soy – 0.7% to 1439 $/t
MATIF In Paris, the may futures on rapeseed yesterday decreased by 11.5 €/t to 509,25 €/t or 607,55 $/t against the background of rising forecasts for the global rapeseed production in 0,657 million tonnes to 69,591 million tonnes (which exceeds 69,226 MT 209/20 MG) and rape export from Australia of 0.2 million tons to 2.7 million tons, Ukraine - 0.25 million tons to 2.4 million tons, as well as increasing imports of EU countries by 0.3 million tons to 6.3 million tons.
Forecast of world production of soybean oil increased 0.3 million tons to 60.6 million tonnes (58,25 million tonnes in 2019/20 MG) due to the capacity of soybean in Argentina and Brazil. However, due to the increased forecasts exports and consumption estimate ending inventory decreased by only 1% to 4.53 million tonnes (4,556 million tonnes in 2019/20 MG).
the global palm oil production decreased by 0.37 million tonnes to 75.09 million tonnes (of 73.2 million tonnes in 2019/20 MG) as a result of reduced production in Malaysia, while the forecast of ending stocks increased by 0.45 million tonnes to 11,437 million tonnes (12,715 million tonnes in 2019/20 MG).
bid Prices for Ukrainian sunflower oil rose to a record 1700 $/t FOB in the background of the shortage of supply, and another reduction forecasts of global production.
